September 30, 2020 (Toronto, Ontario) – A settlement hearing in the matter of James Alexander Hunter (“Respondent”) was held today by electronic hearing in Vancouver, British Columbia before a three-member Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”).
The Hearing Panel approved the settlement agreement dated September 21, 2020 (“Settlement Agreement”) between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:
- a fine in the amount of $17,500 (“Fine”);
- costs in the amount of $2,500 (“Costs”);
- payment of the Fine and Costs shall be made as follows:
- $5,000 (Fine) upon acceptance of the Settlement Agreement;
- $2,500 (Costs) upon acceptance of the Settlement Agreement;
- $2,500 (Fine) on or before October 30, 2020;
- $2,500 (Fine) on or before November 30, 2020;
- $2,500 (Fine) on or before December 31, 2020;
- $2,500 (Fine) on or before January 29, 2021;
- $2,500 (Fine) on or before February 26, 2021; and
- shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that:
- between February 2009 and March 2017, he altered and, in some instances, used to process transactions, 78 account forms in respect of 57 clients by altering information on the account forms without having the clients initial the alterations, contrary to MFDA Rule 2.1.1; and
- between January 2013 and February 2017 he obtained, possessed, and in some instances, used to process transactions, 26 pre-signed account forms in respect of 20 clients, contrary to MFDA Rule 2.1.1.
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent conducted business in the Vancouver, British Columbia area.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 81,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA’s complaint and enforcement processes, as well as links to ‘Check an Advisor’ and other Investor Tools, visit the For Investors page on the MFDA website.